This area is dedicated specifically for small businesses and what City resources are available to them.
Interested in reading a Small Business Survey? Click here
Credit Ready NYC On November 23, 2010, City Council Speaker Christine C. Quinn announced Credit Ready NYC, which is a Citywide initiative to increase lending throughout the five boroughs by providing resources to small businesses struggling through the credit crunch.
Credit Ready NYC is a two-pronged approach where the Council will be assisting small businesses by working with banks to help steer businesses toward alternative lenders where appropriate and by educating small business owners themselves. The Council is working with the New York Bankers Association and the New York Business Development Corporation to distribute the Small Business Resource Guide to participating banks (see below). Read about the launch here.
The Small Business Resource Guide
The Small Business Resource Guide will also be available at New York State Small Business Development Centers, New York City’s Business Solution Centers, Council Members’ district offices, through 311 and on the Council website. | For more information, click here.
In addition, next year, the Council will also be launching 5-borough credit fairs, working with the City’s Chambers of Commerce and other small business organizations. Department of Small Business Services will have NYC Business Solutions account managers available to provide technical assistance on-site. Many times, small business owners are not well prepared to borrow and this fair will be a forum for alternative lenders to provide technical assistance and counseling so small businesses owners on how to properly apply for a loan. Also, the Council will work collaboratively with SBS to develop educational courses and training for small businesses on these topics.
"Credit for Success - Second Look" Program
In April, the Speaker announced the “Credit for Success – Second Look” program. The New York Business Development Corporation, working with more than a dozen banks, has created a $2 million loan program to provide small businesses that have been rejected for credit a second chance at loans. This “Second Look” will be combined with business counseling to identify creditworthy small businesses that are otherwise shut out of access to credit markets. Loan amounts range from $25,000 to a maximum of $150,000. Applicants must meet the U.S. Small Business Administration eligibility requirements and agree to seek business counseling from the regional Small Business Development Center. The program has already been successfully implemented in other parts of the State. | For more information, click here.
